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Gold Futures opened with gains of ₹134 on Friday at ₹47,870 on Multi Commodity Exchange (MCX). This was higher from previous close of ₹ 47,736. Silver Futures opened flat and moved up with marginal gains in early trades. Most active, MCX Silver March contract opened at ₹61,912 a kg, almost flat against previous close of ₹61,920. International gold made further advances above $1,820 to trade at $1,826 on Friday.
Comex Gold hovers around $1820
CME Gold Futures for February contract opened at $ 1822.1 an oz (a troy ounce is equal to 31.1 grams) on Friday, almost unchanged from previous close of $1821.4. The most active comex Silver March contract maintained positive momentum to last open at $ 23.115 an oz on Friday, unchanged against previous close of $23.16. Silver maintained $ 23 levels for the third straight session on Friday.
MCX Gold makes marginal gains
MCX Gold February Futures opened with gains and made further advances during the opening trades on Friday. The yellow metal last quoted at ₹47,926 per 10 grams, up ₹ 190 at 10.08 am Friday. The Open interest for the February contract was 6,263 lots on Friday. MCX Silver Futures made flat opening but moved up to trade above ₹ 62,000 levels with gains of over 0.32% on Friday. Silver March contract last quoted at ₹ 62,118 a kg at 10.08 am on Friday, up by ₹ 198 from previous close. The open interest was recorded at 12,478 lots in the early trades on MCX.
Spot gold regains ₹48,000
In retail markets, spot gold crossed ₹48,000 and quoted at ₹48,031 per 10 grams of 999 purity fine gold as quoted by India Bullion and Jewellers Association (IBJA) for afternoon rates on Thursday. Gold regained ₹48,000 levels after trading below for past six trading sessions. Spot Silver, which had slipped below ₹60,000 last week, has moved up to quote at ₹61,753 on Thursday.
Analysts speak
Weakness in gold prevailed as economic data from the US further cemented the expectations of the US Federal Reserve’s move to start raising interest rates to tame the inflationary trends. Data showed U.S. consumer prices surged in December, with the annual increase in inflation the largest in nearly four decades. MCX Gold futures seen moving between Rs 47,501-48,035, while silver is expected to trade in the range of Rs 61,438-62,498.
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